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The Primary Market
- Issuance And
Auction Procedures - Legal Framework
- Instruments
- Redemption
- Exchanges
Auction Calendar - Calling of auction
- Presentation of bids
- The auction
- Publication of auction results
- Second round
- Payment of the nominal value allocated at auction
- Distribution of the secutities subscribed and crediting in Book-Entry System accounts
- Register of subscriptions in Management Institutions
- Public Debt issuance follows one of the following procedures or a combination of the same:
- 1. by competitive auction, as described below; following the auction, a period of public subscription may be opened;
- 2. by means of a competitive process involving a restricted number of authorised institutions, who agree to underwrite the issue or act as counterparty in the secondary market. In such cases, the Treasury may formalise the arrangements and contracts it deems appropriate with the institutions chosen, setting out allocation procedures where these differ from the terms of the auction system, and the form in which the issues will be placed. The selection of agent institutions may prioritise financial criteria, commercial capacity or Debt market performance.
- Generally speaking, the Treasury uses the auction as the procedure of issuance of Public Debt instruments denominated in national currency (the euro, since 1 January 1999).
